Category Archives: Tax Education

In the United States, a qualified dependent is an individual you get to claim on your federal income taxes. Each dependent can substantially reduce your taxable income – ultimately lowering your taxes. In 2016, the personal exemption will increase from $4,000 to $4,050. For a household of four (married couple with two qualifying minors), these…

What would you do if you receive a letter from the IRS stating you owe taxes? Andy Magnus, ex-IRS Agent and long-time CPA, says “If you receive a letter from the IRS stating you owe taxes and they are trying to collect, your first responsibility is to verify that you do actually owe. If you…

Andy Magnus, a CPA and ex-IRS Agent, explains the differences between income that is taxable or non-taxable in the eyes of the IRS. The general rule in the Internal Revenue Code defines all income as money received from any source derived, or for which you receive value. However, there are circumstances where income is not…

Ex-IRS agent, Andy Magnus from ProactiveTaxPros.com, shares the three levels of government that affect tax policy and enforcement: Executive Branch: Enforces tax law and interprets how the law is applied Legislative Branch: Enacts tax law Judicial Branch: Interprets tax law when it is disputed Listen to the discussion by clicking here –> Executive Branch They will write…

Millions of people have found ways to earn money with a “side hustle”: Creating crafts and knickknacks Multi-level marketing opportunities Bookkeeping Blogging or internet marketing Podcasting or Podcast Production services The tax benefits of a home business can save you hundreds of dollars – legally. Andy Magnus shared some of this information on my show. Click here…